LayerZero wins Stargate acquisition in 4-way bidding war

The community for the cross-blockchain platform Stargate has greenlit LayerZero’s $110 million acquisition, despite interest from three rivals.

Blockchain messaging protocol LayerZero won the bid to acquire crypto protocol Stargate after a shaky first offer and a late four-way bidding war.

Stargate’s community voted on Sunday with a 95% majority to greenlight the LayerZero Foundation’s $110 million acquisition proposal, which it amended after holders of the Stargate (STG) token said the original deal was unfair.

Three of LayerZero’s rivals also put in last-minute bids or intent-to-bids to acquire Stargate, with one, Wormhole, unsuccessfully asking for the vote on LayerZero’s acquisition to be paused.

Read more